Bank of Baroda (BoB) has hiked the repo-rate linked lending rate (RRLR) by 40 bps. After the hike, BoB's RRLR stands at 6.9%.
With effect from May 5, 2022, the relevant Baroda Repo Linked Lending Rate BRLLR for retail loans is 6.90 percent. The current RBI Repo Rate: 4.40 percent + Mark-Up-2.50 percent, S.P.0.25 percent, according to the Bank of Baroda website.
ICICI Bank RRLR
ICICI Bank announced hike in its external benchmark lending rate. ICICI Bank has hiked its external benchmark lending rate by 40 bps to 8.10%.
Soon after the announcement, ICICI Bank in its website stated: “the ICICI Bank External Benchmark Lending Rate" (I-EBLR) is referenced to RBI Policy Repo Rate with a mark-up over Repo Rate. I-EBLR is 8.10% p.a.p.m. effective May 4, 2022."
Home, auto and other loan EMIs are likely to go up after the Reserve Bank of India (RBI) hiked its key interest rate by 40 bps in an unexpected move on Wednesday to tame the rising inflation that has remained stubbornly above target in the recent months.
The increase in repo rate - the rate at which RBI lends to commercial banks - to 4.40 per cent from a record low of 4 per cent is the first since August 2018.
